{"id":2357527,"date":"2024-10-21T13:07:01","date_gmt":"2024-10-21T17:07:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/budget-group-says-trump-ideas-would-hurt-social-security-finances\/"},"modified":"2024-10-21T13:09:27","modified_gmt":"2024-10-21T17:09:27","slug":"budget-group-says-trump-ideas-would-hurt-social-security-finances","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/budget-group-says-trump-ideas-would-hurt-social-security-finances\/","title":{"rendered":"Budget group says Trump ideas would hurt Social Security finances &#8211;"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbudget-group-says-trump-ideas-would-hurt-social-security-finances%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2357527&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-democrat-cindy-axne-falsely-claims-bidens-1-75t-agenda-will-cost-iowans-literally-nothing\/\" title=\"Fact Check: Democrat Cindy Axne Falsely Claims Biden&#039;s .75T Agenda Will Cost Iowans &#039;Literally Nothing&#039;\">budget watchdog group<\/a>, the Committee for a Responsible Federal Budget, has warned that former President \u2063Donald\u2064 Trump&#8217;s tax proposals could harm Social Security&#8217;s financial stability, potentially turning into a\u200d noteworthy issue in the lead-up to \u200dthe 2024\u2063 election. An analysis\u200b from the group indicates that Trump&#8217;s plans, which include the introduction \u200cof tariffs, deportation of undocumented immigrants, and the elimination of taxes on\u200b Social Security benefits, could exacerbate the program&#8217;s 10-year\u200b cash shortfall by $2.3 trillion and could lead to insolvency three years sooner than expected.<\/p>\n<p>The analysis suggests that under Trump\u2019s proposals, typical benefits for retirees could be significantly reduced, with potential annual cuts reaching $16,500 for\u2064 couples by 2033 if the program becomes insolvent. While the analysis criticizes the financial plans of both \u2064Trump \u2064and his opponent, Democratic candidate Kamala Harris, it highlights the threat Trump&#8217;s agenda poses\u200b to Social Security. Harris&#8217; team quickly utilized these findings to argue against Trump&#8217;s candidacy, claiming his proposals risk \u2062substantial cuts to seniors&#8217; benefits.<\/p>\n<p>In response, Trump&#8217;s campaign has insisted he has a track record of protecting Social Security, and his proposals aim to bolster the economy, which they argue would, in turn, support Social Security funding.\u200d Trump\u2019s spokesperson contended \u200dthat any potential risks to Social Security stem from Harris\u2019 policies.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Trump proposals would worsen Social Security finances, budget group says<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1839679\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>A budget watchdog group warned Monday that former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\" target=\"_blank\" rel=\"noopener\" title=\"Donald Trump\">Donald Trump<\/a>&lsquo;s tax proposals could worsen <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/social-security\" target=\"_blank\" rel=\"noopener\" title=\"Donald Trump\">Social Security<\/a>&lsquo;s finances,&nbsp;opening up a new campaign issue in the waning days of the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/2024-election\" target=\"_blank\" rel=\"noopener\" title=\"2024 election.\">2024 election.<\/a><\/p>\n<div class=\"article-paywall\">\n<p>The nonpartisan Committee for a Responsible Federal Budget, a Washington group that advocates smaller deficits, released an <a href=\"https:\/\/www.crfb.org\/blogs\/what-would-trump-campaign-plans-mean-social-security\" target=\"_blank\" rel=\"noopener\" title=\"analysis\">analysis<\/a> that found Trump&rsquo;s calls for adding tariffs, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/there-will-be-no-enforcement-sheriff-blasts-biden-for-dismantling-ice\/\" title=\"\u2018There Will Be No Enforcement\u2019: Sheriff Blasts Biden For \u2018Dismantling\u2019 ICE\">deporting illegal immigrants<\/a>, and ending taxes on Social Security benefits, tips, and overtime could increase Social Security&rsquo;s 10-year cash shortfall by $2.3 trillion.<\/p>\n<p>The agenda could also make the public pension program insolvent three years earlier than expected &mdash; down from nine years to six years.<\/p>\n<p>Under current law, revenues collected from taxes on Social Security benefits flow to the Social Security trust fund, as do payroll taxes collected on tips and overtime. Ending those taxes would lower the trust fund. <\/p>\n<p>&ldquo;Upon insolvency, the law calls for limiting Social Security spending to its revenue stream,&rdquo; the analysis reads, &ldquo;which we&rsquo;ve previously estimated would mean a $16,500 cut in annual benefits for a typical dual-income couple retiring in 2033.&rdquo;<\/p>\n<p>The analysis gives Democratic presidential nominee Kamala Harris only slightly better marks, saying that &ldquo;neither candidate has presented plans to fix Social Security&rsquo;s finances,&rdquo; but her campaign and the Democratic National Committee were quick to highlight CRFB&rsquo;s findings.<\/p>\n<p>&ldquo;Donald Trump&rsquo;s agenda poses an imminent threat to Social Security, and seniors could have their benefits cut by a third,&rdquo; Harris spokesman Joseph Costello said. &ldquo;This is yet another reason that Americans simply cannot afford the risk of another Trump term, where he would pursue unchecked power to use his Project 2025 agenda to hurt the American people.&rdquo;<\/p>\n<p>CRFB has not released a detailed breakdown on Harris&rsquo;s policies, but the organization said it would not have a large impact on the Social Security trust fund&rsquo;s current trajectory.<\/p>\n<p>Trump has promised repeatedly to protect Social Security and says his proposal not to tax Social Security benefits will help seniors. His campaign pushed back on the projections.<\/p>\n<p>&ldquo;The so-called experts at CRFB have been consistently wrong throughout the years,&rdquo; Trump spokeswoman Karoline Leavitt said. &ldquo;President Trump delivered on his promise to protect Social Security in his first term, and President Trump will continue to strongly protect Social Security in his second term.&rdquo;<\/p>\n<p>Leavitt said Trump will slash regulations, create new energy sector jobs, and adopt pro-growth trade policies to grow the economy and boost Social Security&rsquo;s reserves. Trump has also said he can cut waste in the government in order to free up <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pat-toomey-manchin-got-taken-to-the-cleaners-by-dems-on-tax-and-spend-plan\/\" title=\"Pat Toomey: Manchin \u2018Got Taken To The Cleaners\u2019 By Dems On Tax And Spend Plan\">additional tax revenue<\/a>.<\/p>\n<p>&ldquo;The only candidate who poses a threat to the solvency of Social Security is dangerously liberal Kamala Harris &mdash; whose mass invasion of millions of illegal aliens will, if they are allowed to stay, cause Social Security to buckle and collapse,&rdquo; Leavitt said.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><\/strong><\/a><\/p>\n<p>The CRFB analysis did include limited dynamic scoring, meaning it factors lost revenue via tax cuts that could be recouped later through economic growth, which would lead to higher earnings and thus new tax revenues. It issued a range of different scenarios weighing those factors, with Social Security losses varying from a revenue loss of $1.3 trillion at the low end to $2.8 trillion on the high end. <\/p>\n<p>Other budget groups have concluded that Trump&rsquo;s plans to exempt certain forms of income from taxation would have only a limited effect on overall economic growth. The Tax Foundation, for example, <a href=\"https:\/\/taxfoundation.org\/blog\/trump-social-security-tax\/\" target=\"_blank\" rel=\"noopener\" title=\"found\">found<\/a> that exempting Social Security from income tax would boost long-run economic output by just 0.1% and would &ldquo;create a new hole in the income tax without a sound policy rationale.&rdquo; The Tax Foundation, which generally favors lower tax rates, <a href=\"https:\/\/taxfoundation.org\/research\/all\/federal\/donald-trump-tax-plan-2024\/\" target=\"_blank\" rel=\"noopener\" title=\"found\">also found<\/a> that Trump&rsquo;s plans to exempt overtime and tips from taxation would only slightly boost economic growth.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1839679\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1839679\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trump&#8217;s tax proposals may harm Social Security finances, warns budget group<\/p>\n","protected":false},"author":2635,"featured_media":2357528,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/10\/donald-trump-social-security-tax.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[43436,11416,33104,3634],"class_list":["post-2357527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-budget-group","tag-finances","tag-social-security","tag-trump"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/10\/donald-trump-social-security-tax.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2357527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2635"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2357527"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2357527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2357528"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2357527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2357527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2357527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}